Most of the reductions are scheduled for the fall which allows for the high summer season to keep at its current pace. CRJ is correct, I think(and my opinion isn't any more valid than anyone else's mind you) that you'll see less and less of the average joe traveler like ourselves. People are going to be priced out of the market because they are unwilling to pay for a product they already see as overpriced, inconvenient and lacking in customer service anyhow.
The biggest negative impact for employees that I've had first hand experience with already is the high-loads/reduced flying making commuting and non-rev vacation travel a pain in the arse. Its easier to just go positive space than put up with non-revving. And that is a benefit that alot of people like, hence they become airline employees. But, whats the point if you can't use a benefit when the flight is oversold and there are +40 revenue passengers on the standby list?